Plenty of space: Now Vozdvyzhenka lies all but empty, just
a fifth of its homes sold and its streets practically deserted save for
curious city walkers and few workmen

Just missing the tumble weed: Those who have invested in the development have been badly burned, with the price of an average flat there falling by nearly half

Taras Ziabkin, deputy head of Kievgorstroy-1, the developers behind Vozdvyzhenka, told The Guardian: 'We were knocked down in 2008. I will not hide that the demand dropped drastically then.'

But he rejected descriptions, popular among locals, that the development is a 'dead town'. Fifty of its 250 properties have residents, he said, with builders readying another 50 for new tenants.

He added that he expects to sell the remaining 150 apartments by the end of 2014, explaining the site's lack of life with the claim that most owners live abroad and bought their properties as 'investments'.

Waiting for the upturn: An estate agent's phone number is prominently displayed in the hope that some passer-by might be encouraged to rent or buy in the area

Low demand: Just 50 of Vozdvyzhenka's 250
properties are occupied, but Taras Ziabkin of developers
Kievgorstroy-1, says builders are readying 50 more for tenants

Good investment? Mr Ziabkin accounts for the site's lack of life with the claim that most owners live abroad and bought their properties as 'investments'

Colourful: Ironically, given the site cleared to make space for it, the Vozdvyzhenka development apes the Baroque and modernist architectural styles of 19th Century Kiev

'Greed': Georgy Duchovychniy, one of Kiev's most
prominent architects, blames the developers for ruining the historic
district and predicts it will never be fully inhabited

Shaky: Mr Duchovychniy said that in their pursuit of profit developers threw caution to the wind, adding floors to their plans while disregarding the need to strenghten foundations

Not so comfortable... The result has been a slew of complaints about cracks in the walls, leaky basements and heating breakdowns ever since people started moving in in 2010

Pretty: In their proposal for the regeneration, Kievgorstroy-1 emphasised the district's history and the luxury features they were to include

On the up? Mr Ziabkin claimed that initial problems have since been resolved and that a number of prominent Ukrainians now have homes in the development

However, their presence is yet to be felt in Vozdvyzhenka, where builders and passers-by are more likely to be spotted than the cream of Kiev's high society

But the wisdom of investing in Vozdvyzhenka has been challenged by one of Kiev's most prominent architects, who blames the developers for ruining the historic district and predicts that it will never be fully inhabited.

Georgy Duchovychniy said: 'There are building rules, common sense and there is also a greed which destroys them.'

Ironically, given the site cleared to make space for it, the Vozdvyzhenka development apes the Baroque and modernist architectural styles of 19th Century Kiev.

In their proposal for the regeneration, Kievgorstroy-1 emphasised the district's history and the luxury features they were to include in the buildings and encourage in the community.

Architectural folly: Garages face the luxury flats of Vozdvyzhenka, but there is not a car - nor a soul - in sight

Dead end: Demand for homes in the district dropped dramatically after the banking crisis, but the developers reject local descriptions of the area as a 'ghost town'

Grand: A mansion house is seen with a banner - presumably advertising it for sale - strung across its imposing façade

Picturesque: The wisdom of investing in Vozdvyzhenka has been challenged by one of Kiev's most prominent architects, who blames the developers for ruining the historic district and predicts that it will never be fully inhabited

But Mr Duchovychniy said that in their pursuit of profit developers threw caution to the wind, adding floors to their plans while disregarding the need to strenghten foundations.

The result has been a slew of complaints about cracks in the walls, leaky basements and heating breakdowns reported in local media ever since the first residents moved in three years ago.

Mr Ziabkin told The Guardian that those problems have since been resolved and that a number of prominent Ukrainians now have homes in the development.

However, their presence is yet to be felt in Vozdvyzhenka, where builders and passers-by are more likely to be spotted than the cream of Kiev's high society.

One man told the Guardian how he likes to wander through the 'spacious and deserted area'. He added: 'People who have money for such apartments probably may find better places to live.'